VanEck Files for First Binance Coin ETF in the US: Will SEC Approve?

VanEck, a US-based investment management firm, has applied to launch a Binance Coin (BNB) ETF in Delaware. If approved, it would be the first BNB ETF in the US market, marking an important milestone for cryptocurrency investors. Over the past 30 days, BNB has seen a modest 1.1% growth.

This move comes at a time when crypto ETFs are gaining momentum, but Binance, the issuer of BNB, has faced regulatory challenges in the past.

Here’s what you need to know.

VanEck Expands Its Crypto ETF Offerings

This is not VanEck’s first attempt at launching a crypto ETF. The firm has previously applied for Bitcoin, Ethereum, Solana, and Avalanche ETFs. With this latest filing, VanEck is making its fifth move to expand its cryptocurrency investment options.

VanEck already manages some well-known ETFs:

• VanEck Bitcoin ETF (HODL): $1.18 billion in market capitalization, making it the seventh-largest BTC Spot ETF.
• VanEck Ethereum ETF (ETHV): $88.17 million in market capitalization, ranking as the sixth-largest Ethereum ETF.

If approved, the Binance Coin ETF would be another big addition to VanEck’s crypto investment portfolio.

While 21Shares has a similar BNB investment product, it is not registered in the US. If VanEck secures approval from the SEC, it will officially launch the first BNB ETF in the country.

BNB Market Performance: Recent Trends

BNB’s market activity has been mixed in recent weeks:

• 24-Hour Trading Volume: $1.72 billion
• 30-Day Growth: 1.1%
• Peak Market Cap on April 1: $90.37 billion
• Current Price: $602.16
• 7-Day Decline: 4.7%
• 24-Hour Drop: 2.5%

Following VanEck’s ETF filing, BNB’s trading volume jumped by 42%, indicating growing investor interest.

Regulatory Challenges: Will the SEC Approve a BNB ETF?

Despite the excitement, VanEck’s BNB ETF still faces a major hurdle—regulatory approval. Binance, the issuer of BNB, has faced scrutiny from regulators worldwide over compliance and money laundering concerns. The SEC’s decision will depend on whether these issues can be resolved.

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The Bigger Picture: Crypto ETFs Continue to Grow

The cryptocurrency ETF market remains strong:

• Total Bitcoin Spot ETF Market Cap: $95.70 billion
• BTC Futures ETF Market Cap: $2.12 billion
• Total Bitcoin ETF Market Cap: $98.08 billion
• Ethereum ETF Market Cap: $6.81 billion

Grayscale continues to dominate, managing nearly $17 billion in Bitcoin ETFs alone.

VanEck’s latest move highlights the growing demand for cryptocurrency ETFs. However, whether the SEC will approve the Binance Coin ETF remains uncertain. Investors will be watching closely as the decision unfolds.